Bearing assemblies are used in a wide range of applications. Some applications require a seal arranged between a radially inner ring and a radially outer ring of the bearing to prevent contaminants from entering the area of the rolling elements. The radially outer end of the seal is typically fixed to the radially outer ring and the radially inner end of the seal typically contacts the radially inner ring. Seals exhibit varying sealing characteristics depending on the rotational speed of the shaft or rotor on which the bearing assembly is supported. The sealing characteristics also vary depending on the force with which the radially inner end of the seal is pressed against the radially inner ring. When the radially inner end of the seal is engaged with the radially inner ring, then the seal produces drag torque which is undesirable in certain applications due to the friction and heat which is generated. It would be desirable to provide a rolling bearing assembly including a configuration that allows a position of the seal to be adjusted to vary the seal's sealing characteristics and also the drag torque.